Payment of commission moneys to authorized agent
- • deposits and withdrawals
- • investments
(1) Moneys a person collects or receives from the assessment levied under the authority of ORS 576.325 (Levy and collection of assessments) and other moneys a commodity commission receives must be paid to the authorized agent of the commission and promptly deposited into an account established by the commission in a depository, as defined in ORS 295.001 (Definitions for ORS 295.001 to 295.108), that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. In a manner consistent with the requirements of ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules), the chairperson and vice chairperson for a commission shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the Federal Deposit Insurance Corporation’s or the National Credit Union Share Insurance Fund’s coverage. All moneys in the account are continuously appropriated to the commission that makes the deposit for the purpose of carrying out the commission’s duties, functions and powers.
(2) Moneys may not be withdrawn from or paid out of the account except upon order of the commission, and upon checks or other orders upon such accounts signed by the secretary-treasurer or such other member of the commission as the commission designates and countersigned by such other member, officer or employee of the commission as the commission designates. The commission shall keep a receipt, voucher or other written record, showing clearly the nature and items covered by each check or other order.
(3) Subject to approval by the Director of Agriculture, a commission may invest moneys the commission collects or receives. Investments a commission makes are:
(a) Limited to investments described in ORS 294.035 (Investment of funds of political subdivisions);
(b) Subject to the investments maturity date limitations described in ORS 294.135 (Investment maturity dates); and
(c) Subject to the conduct prohibitions listed in ORS 294.145 (Prohibited conduct for custodial officer).
(4) Interest earned from any moneys a commission invests under subsection (3) of this section is available to the commission in a manner consistent with the commission’s annual budget. [1953 c.489 §22; 1959 c.596 §17; 1967 c.451 §25; 2003 c.604 §45; 2007 c.871 §29; 2010 c.101 §27]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.